Question: How many subsets of the set $\{1,2,3,4,5\}$ contain the number 5?
Solution 1: For each of 1, 2, 3, and 4, we can either choose to include the number in the set, or choose to exclude it.  We therefore have 2 choices for each of these 4 numbers, which gives us a total of $2^4 = \boxed{16}$ different subsets we can form.

Solution 2: We can have either 5 by itself, 5 with one other number from the four, 5 with two other numbers, 5 with three other numbers, or 5 with all four other numbers. The number of ways to form a subset with 5 by itself is $\binom{4}{0}$. The number of ways to form a subset with 5 and one other number is $\binom{4}{1}$. Similarly, the number of ways to form a subset with 5 and two other numbers is $\binom{4}{2}$, with three other numbers is $\binom{4}{3}$, and with all four other numbers is $\binom{4}{4}$. Thus, our answer is $1 + 4 + 6 + 4 + 1 = \boxed{16}$.